In today’s briefing:
- Iberdrola/Avangrid: Spread
Iberdrola/Avangrid: Spread
- Post-March announcement, investors bought shares of Avangrid (AGR US) in the hope of an offer sweetening, which was flagged here, as Iberdrola got $6 billion from its Mexico exit.
- The improved $35.75/shareoffer was made in response to potential resistance from prospective minority shareholders, as the deal needs the approval of a majority of these non-Iberdrola stakeholders.
- Spread is 3.2%/5.55% (gross/annualised) assuming $1.4667 in dividend payments (three dividends of $0.44 and a prorated dividend of $0.1467) and settlement on 30 December. Long.
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